For the week ending November 9, 30-year rates fell to 7.50% from 7.76% the week before.

The Freddie Mac Rate Survey showed a steep decline in mortgage rates last week, though most of the decrease occurred the previous week. After the survey was released, hawkish words from Fed Chairman Powell caused a reversal on Thursday of last week. For the week ending November 9, 30-year rates fell to 7.50% from 7.76% the week before. In addition, 15-year loans decreased to 6.81%. A year ago, 30-year fixed rates averaged 7.08%, less than 0.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated November 10, 2023